Russia will impose a 15% tariff on exports of copper, nickel, aluminum and ferrous metals from August 1.

It is reported that Russian Prime Minister Mikhail Mishuskin has signed a decree that export duties will be imposed on ferrous metals and major base metals from August 1. The tariff ranges from US $54 / tonne to US $2321 / tonne and is valid until December 31 of the end of the year.

The new tariff system, based on 15%, covers metal-specific tax rates and applies to the export of some steelmaking raw materials, semi-finished and rolled products, as well as primary copper, nickel and aluminum.

For non-ferrous metals, the minimum metal-specific tariff is $1226 / tonne for copper, $2321 / tonne for nickel and $254.00 / tonne for aluminium; for iron ore pellets and other ferrous metal products with indicative prices up to $1226 / tonne, the Act increases the minimum tax of $54 per tonne.

According to the Russian Ministry of Economic Development, this will increase export tariffs on ferrous metals and non-ferrous metals by 1.13-114 billion rupees (US $1.6 billion) and 50 billion rupees (US $700 million) respectively. The duties are designed to cool domestic metal prices in Russia.